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Market turns rangebound; FMCG shares tumble

Published on May 09, 2024 14:42

The headline equity benchmarks traded in narrow range with major losses in mid-afternoon trade. The Nifty traded below the 22,050 mark after hitting the day`s high of 22,307.75 in early trade. FMCG shares witnessed profit booking after advancing in the past three consecutive trading sessions. Trading was volatile due to the expiry of weekly index options on the NSE.

At 14:30 IST, the barometer index, the S&P BSE Sensex dropped 775.47 points or 1.06% to 72,684.30. The Nifty 50 fell 262.75 points or 1.18% to 22,039.75.

In the broader market, the S&P BSE Mid-Cap index fell 1.42% and the S&P BSE Small-Cap index fell 1.74%.

The market breadth was weak. On the BSE, 984 shares rose and 2,787 shares fell. A total of 117 shares were unchanged.

Buzzing Index:

The Nifty FMCG index fell 2.19% to 54,780. The index rallied 3.18% in past three consecutive trading sessions.

United Breweries (down 4.09%), ITC (down 3.44%), Radico Khaitan (down 3.12%), United Spirits (down 3.05%), Varun Beverages (down 2.91%), Britannia Industries (down 2.74%), Marico (down 2.34%), Tata Consumer Products (down 2.24%), Balrampur Chini Mills (down 1.86%) and Colgate-Palmolive (India) (down 1.58%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.10% to 7.131 as compared with previous close 7.135.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.5075, compared with its close of 83.5200 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.05% to Rs 71,089.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 105.71.

The United States 10-year bond yield added 0.74% to 4.518.

In the commodities market, Brent crude for July 2024 settlement gained 60 cents or 0.72% to $84.21 a barrel.

Stocks in Spotlight:

SKF India rallied 6.58% after the firm reported a 42.54% jump in consolidated net profit to Rs 175.23 crore in Q4 FY24 as compared to Rs 122.92 crore in Q4 FY23. Revenue from operations stood Rs 1,203.4 crore in March 2024 quarter, up by 9.93% from Rs 1,094.69 crore in same quarter last year.

Gujarat State Petronet (GSPL) declined 1.04%. The company reported 16.4% jump in standalone net profit to Rs 261.13 crore on 14.4% increase in revenue from operations to Rs 506.81 crore in Q4 FY24 over Q4 FY23.

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